Friday, September 22, 2000 « Back
Teva Announces Proposed Offering of Convertible Debentures in a Rule 144a Offering

Jerusalem, Israel, September 22, 2000 - Teva Pharmaceutical Industries Limited (Nasdaq: TEVA) announced today that, subject to market and other conditions and the approval of its Board of Directors, it intends to offer approximately $300 million of five year Convertible Senior Debentures of a special purpose U.S. finance subsidiary. The debentures are expected to be guaranteed by Teva and to be convertible into American Depositary Receipts of Teva. The offering will be made by means of an offering memorandum to qualified institutional buyers pursuant to Rule 144A and to certain persons in offshore transactions pursuant to Regulation S under the Securities Act of 1933. The offering is expected to close in October.

Teva expects to use the net proceeds from the offering to refinance existing indebtedness, to fund the activities of its North American and/or European subsidiaries and for working capital and other general corporate purposes. Except as described in this press release, Teva is not commenting on recent non-Company reports regarding its financing plans.

The securities will not be registered under the Securities Act of 1933, as amended, or applicable state securities laws, and may not be offered or sold absent registration under the Securities Act and applicable state securities laws or applicable exemptions from registration requirements. This press release does not constitute an offer to sell or the solicitation of an offer to buy the securities.

Teva Pharmaceutical Industries Ltd., headquartered in Israel, is among the top 50 pharmaceutical companies and among the largest generic pharmaceutical companies in the world. Over 80% of its sales are outside Israel, mainly in North America and Europe. The Company develops, manufactures and markets generic and branded pharmaceuticals and active pharmaceutical ingredients.


Safe Harbor Statement under the U. S. Private Securities Litigation Reform Act of 1995: This release contains forward-looking statements, which express the current beliefs and expectations of management. Such statements are based on current expectations and involve a number of known and unknown risks and uncertainties that could cause Teva's future results, performance or achievements to differ significantly from the results, performance or achievements expressed or implied by such forward-looking statements. Important factors that could cause or contribute to such differences include Teva's ability to successfully develop and commercialize additional pharmaceutical products, the introduction of competitive generic products, the impact of competition from brand-name companies that sell their own generic products or successfully extend the exclusivity period of their branded products, Teva's ability to rapidly integrate the operations of acquired businesses, the availability of product liability coverage in the current insurance market, the impact of pharmaceutical industry regulation and pending legislation that could affect the pharmaceutical industry, the difficulty of predicting U.S. Food and Drug Administration ("FDA") and other regulatory authority approvals, the regulatory environment and changes in the health policies and structure of various countries, acceptance and demand for new pharmaceutical products and new therapies, uncertainties regarding market acceptance of innovative products newly launched, currently being sold or in development, the impact of restructuring of clients, reliance on strategic alliances, exposure to product liability claims, dependence on patent and other protections for innovative products, fluctuations in currency, exchange and interest rates, operating results and other factors that are discussed in Teva's Annual Report on Form 20-F and its other filings with the U.S. Securities and Exchange Commission ("SEC"). Forward-looking statements speak only as of the date on which they are made, and the Company undertakes no obligation to update publicly or revise any forward-looking statement, whether as a result of new information, future developments or otherwise.